Why Is It Essential To Buy Health Insurance Before Your Thirties?

When you are young, life is a breeze because there’s no likely signs of disease. Most individuals do not face significant health issues before their 30s and this makes them feel invincible. What they don’t realize is that diseases can come uninformed. Imagine some medical emergency comes up and you’re not financially prepared to face it? Over the last few years, there has been an increase in the number of health disorders plaguing individuals. Therefore, it has become even more essential for you to secure your healthcare needs with a relevant health insurance policy. What’s more is that you do so at the earliest.

As you grow older, your energy levels tend to fall while health complications begin to worsen. This is why you must invest in a health insurance plan when you’re young and healthy. Considering the rising medical costs today makes purchasing a health insurance policy a big necessity.

Let’s continue reading to understand this in depth.

Why is it better to get a health insurance plan before turning 30?

To avail a health insurance policy, you need to pay a certain amount termed as the premium. To calculate the said premium, certain factors are taken into consideration such as your age, your medical history, the sum insured, addictions such as alcohol or smoking, etc. Among these, your age is the one of the biggest factors general insurance companies consider when deciding on your premium amount.

Your age and the premium you pay on your health insurance policy are inversely related. As you grow older, the premium payable also increases. It is a known fact that as people age, their joints and bones tend to get weaker while their resilience also drops. As such, they have higher chances of contracting problems of the heart, diabetes, high or low blood pressure, etc. Hence, purchasing a health insurance policy would ideally work out in your favor as buying it later would mean shelling out more money.

Additionally, since you are young, there would be lesser chances of pre-existing conditions. Not to mention the attractive coverage you would receive, among other things.

Also, the chances of you raising a claim when you’re younger are lesser. This means that you can avail the benefit of the Cumulative Bonus (CB). When you don’t raise any claims in your policy term, the insurance company provides you with a concession on premium in the form of CB. This concession accumulates with every claim-free year and can reach up to 50%. Conversely, your insurer could also offer you a higher sum insured at the same premium cost.

Considering the above pointers, not only do you pay low premiums, but also get complete financial security.

Youngsters today are full of dreams. To that extent, you would want to pour in your savings to achieve your dreams instead of spending it on medical costs. A health insurance plan will allow you to follow your dreams and keep you secured at the same time. You would also receive tax benefits on the premiums paid under Section 80D of the Income Tax Act, 1961.

When must one purchase a health insurance policy?

There is no right age or time to buy a health insurance policy. If you do not have one now, just conduct your research and buy one at the earliest.

If you’re taking a step back because you feel purchasing an insurance policy is a tedious process, let us tell you that it isn’t. Your quote is just a few clicks away. If you’re confused about the kind of cover you wish to select, you can compare policies online and check their premium using an online health insurance premium calculator and get quotes immediately. Remember to check all the important aspects while comparing, do your research well, and purchase a suitable health plan now.

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